How to get the best currency exchange rates
Discovering the ideal currency to carry for your Egypt journey can significantly impact your travel budget. The official currency of Egypt is the Egyptian Pound (LE), and understanding the currency exchange dynamics can save you money.
Rather than converting your money prior to arrival, consider waiting until you’re in Egypt for a more favorable exchange rate without currency exchange fees. Accepted currencies include Euros, US Dollars, AUS Dollars, and British Pounds, offering flexibility in payment methods. Remember, rates can change overnight, so check the rate daily.
Cash is King in Egypt
To maximize your spending power, it’s advisable to exchange your foreign currency into Egyptian pounds for smaller transactions. While Euros, Dollars, and Sterling notes are widely accepted, opting for Egyptian pounds can stretch your funds further, especially when buying smaller items such as toiletries, water, snacks, and souvenirs.
In 2023/24 the Egyptian government are making strong attempts to curtail the black market trading of foreign currencies. Strict controls and penalties are in place so many people will prefer payment and tipping to be made in Egyptian pounds in preference to foreign currencies.
For the best rates, visit the nearest currency exchange shops or banks, which are readily available across all Egyptian cities. Exchange shops often have shorter waiting lines than banks. NOTE: You will need your passport at both exchange shops and banks.
If you’re making a significant purchase and feel your bargaining skills are strong, try asking if paying in US Dollars or Euros would reduce the price. Some providers such as hotels, travel agencies and big shops still prefer these currencies as a way of keeping their money safe from devaluation etc, so it’s worth a shot. However, keep the day’s exchange rate in mind.
Payment Methods in Egypt
A blend of cash and cards is key to a smooth financial experience in Egypt. For a balance between convenience and cost-effectiveness, it’s recommended to carry a mix of Egyptian pounds in cash and a credit card. While cards offer convenience, understanding the preference for cash payments can help you get a better deal.
While some big hotels in Cairo have ATMS that dispense foreign currency that is not true for the rest of Egypt so it is advisable that you take enough foreign currency notes with you when traveling to Egypt – at least as a back up – do not rely on your cards totally.
Credit or Bank Cards
Visa and Mastercard are generally accepted in most hotels and restaurants, but many shops do not take cards. Note that traveler’s cheques are practically unknown in Egypt now, and American Express is not as widely accepted as Visa and Mastercard.
Remember to notify your bank that you are traveling to Egypt to avoid your card being flagged and frozen. Consider adjusting the daily withdrawal limit on your ATM card.
You might also want to ensure your daily withdrawal limit is high enough before leaving home.
In locations where cards are an option:
- it’s customary for customers to bear the brunt of the bank processing fee, which tends to average around 3%.
- Traders do not want to pay the high bank fees for processing cards – this will impact the price you pay.
Contactless Payments – Google Pay etc.
Despite banks and card companies claiming global usability, not all Egyptian traders who accept card payments can handle lesser-known cards or provide contactless payment options. Always have a backup payment method, especially if your card was issued recently.
ATM
ATMs are available in major hotels and outside banks in major towns. Using your credit/debit card and withdrawing cash at ATMs is a good idea if you’re concerned about losing cash. Be mindful of daily ATM limits per transaction; you can make multiple transactions to reach the desired amount.
For example if you want 8,000 LE and there is a limit of 4,000 Le per transaction you can make two transactions one after the other for 4,000 LE each. Even better, you can go to a different bank or even a different branch of the same bank and take out more – up to your own card’s daily limit.
Don’t wait until the last minute to use an ATM – take your money out every night instead of waiting until morning – the ATM could run out of money or malfunction, leaving you cashless.
If the ATM is not working or there isn’t one
If you are in an emergency situation and can’t find an ATM, or need more money than the ATMs will give, or are having some other problem, note that it is possible in Egypt to go to a bank and take out money from the cashier with your card, as long as you have your passport with you.
Egyptian Currency
- 200 LE note
- 100 LE note
- 50 LE note
- 20 LE note
- 10 LE note
- 5 LE note
- 1 LE coin
- 50 piastres coin (half of 1 LE)
- 25 piastres coin (quarter of 1 LE)
Can I use FOREIGN coins in Egypt?
No, they cannot be exchanged at banks and are worthless.
If individuals approach you on the street, displaying Euros, Sterling, or foreign coins, they are not seeking charity. Rather, they are inquiring whether you can assist them in converting these coins into Egyptian or foreign banknotes, as they are unable to use or exchange the coins directly.
At Mara House, our neighbors often approach us with such requests to convert Euro and US coins into banknotes. However, we cannot always accommodate these requests, as it would entail asking our guests to accept the coins in exchange for banknotes.
There is a 1LE coin which you have to examine carefully because it is very very similar to the 1 Euro coins.
Best currency for paying for your accommodation
Egypt relies on foreign currencies to cover its import expenses, prompting the government several years ago to mandate that accommodation providers and tour operators exclusively accept payments in foreign currency.
Furthermore, if your accommodation costs have been communicated in a specific foreign currency, it is advisable to use that currency when making your payment in the lower end hotels as some may give you an unfavorable conversion rate. But note that if a hotel or service provider is quoting in US dollars, they will also accept Euro, English Sterling, or Australian Dollars in payment.
When I receive emails requesting quotes for accommodation or tours at Mara House, I usually have no way of knowing what country the inquirer is from or what currency they would like to pay with. So, I usually quote in euros, which is my home currency. However, I am equally happy to be paid in the other major currencies and am not requesting Americans to pay in euros or vice versa.
Where can I get SMALL change in Egypt?
Having a constant supply of small change in Egyptian currency can be a problem. Don’t assume the banks, boats, or hotels are being uncooperative by not changing your 100 Egyptian Pound notes for smaller change. It is highly likely they don’t have it. The smaller currencies (1le, 5le, 10le, 20le, and 50le) are in constant circulation, so nobody actually lodges them back to the banks.
So, where do I find small change? From the people who deal in cheap goods, and there are several of these on every street, just open your eyes and be aware of them. You don’t have to buy anything; just smile and ask for change. The baker, fruit juice shop, small grocery shop, fruit and vegetable sellers in the street, toilet attendants, taxi driver, calesh driver or fellucca captain, if using them. If you have a nice driver or tour guide, you could ask him to stop at one of these places and get the change for you.